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Turkey

Area guide to TurkeyTurkey is the bridge between East and West. It may not be in the European Union, but it is extremely attractive to European buyers who flock to the resort towns on its Turquoise coast. The Turkish property market is buoyant and there is great confidence in the Turkish economy from European investors. There is property for every budget in all the Turkish regions popular with foreign buyers.

Area guide to Turkey

Capital: Ankara
Currency: Turkish lira
Language: Turkish
Schengen Area Member: No

urkey is the bridge between East and West. It is a country of contrasts where the ancient world bumps up against the modern one in many places. Bodrum is the site of the one of the Seven Wonders of the Ancient World and the city of Istanbul offers some exceptional sightseeing. Residents can enjoy a climate that is hot in summer, but where you can also ski in the winter months. It is well served by international flights to its cities and resort areas. Do check visa requirements for Turkey well in advance.

It may not be in the European Union, but it is extremely attractive to European buyers and some property experts believe that the property market here is about to see some record sales as residential property sales to foreign buyers have already leapt by 75% in 2017. It is currently very much a buyers market especially in some of the most sought after Mediterranean resorts, such as Fethiye and Kalkan. Buyers from countries with strong currencies can benefit from buying in Turkish lira, because of advantageous exchange rates. Turkey has also eased restrictions for foreign property buyers and offers a raft of incentives like automatic residency and significant tax breaks.

Turkish economy

Confidence in the Turkish economy is currently strong and foreign investment has grown by 50% in just one year. Turkey has a strong historic connection with Europe and these ties remain despite any political upsets with EU countries contributing 68% of investments. The government is working hard to make it even more attractive to outside investment and attract more overseas companies.

Turkish culture

he Turkish people are generally very friendly and will go out of their way to be helpful. Do remember that this is a Muslim culture and is therefore more conservative than Spain or Italy for example. In the resort areas with large foreign populations, things are a little more relaxed, but even then, a bit more modesty is advisable. There are a number of cultural rules that everyone planning to visit or live here should learn, such as always removing shoes before entering someone’s home.

Price and location

Many are drawn to the >coastal towns and resorts along its 700 kilometre Aegean/Mediterranean coast, also known as the Turquoise Coast. Fethiye is overwhelmingly one of the most popular places for foreign property buyers, but buyers are becoming more adventurous and looking to inland villages such as Uzumlu.

>Didim is a new attraction. This town has had a lot of investment plus a new marina and properties start at around €60,000. Bodrum is very fashionable and has five-star hotels and many celebrity visitors, plus an international airport. There is still property here to suit all kinds of budgets with apartments starting from around €100,000. If you go to nearby villages Gumbet and Gulluk, you will get a property at even lower prices, and at Marmaris you can get a small villa for around €95,000.

Inland at Uzumlu, which is only 15km from Fethiye, is the wine-growing region that appeals to those who want a quieter life and more traditional properties like Ottoman-era village houses. Antalya is also growing in popularity, and Belek is something of a mecca for golfers as it has 14 golf courses.

Money Corp

Ref: SA-768-RENTED-Feb.22

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